Profit Distribution - The profit distribution plan approved by the board is to distribute a cash dividend of 3.19 CNY (including tax) for every 10 shares based on a total of 2,266,863,331 shares[4] - The company implemented a cash dividend policy, distributing 3.19 CNY per 10 shares, totaling 723,129,402.59 CNY (including tax) for the reporting period[172] - The total cash dividend for 2024 is CNY 723,129,402.59, accounting for 37.92% of the distributable profits[173] - The dividend distribution plan is CNY 3.19 per 10 shares, based on a total share capital of 2,266,863,331 shares[173] - The board of directors has approved a dividend payout of 0.5 CNY per share, reflecting a 10% increase from the previous year[148] Financial Performance - The total revenue for the year was reported at 10 billion CNY, marking a 5% increase from the previous year[12] - The company's operating revenue for 2024 reached ¥30,093,871,084.44, representing a 7.99% increase compared to ¥27,866,767,123.95 in 2023[6] - Net profit attributable to shareholders for 2024 was ¥2,063,582,145.23, a significant increase of 44.36% from ¥1,429,509,728.37 in 2023[6] - The company achieved a year-on-year growth of 11.9% in electricity consumption in Anhui province, indicating strong demand for energy[28] - Total profit reached 3.446 billion yuan, marking an impressive year-on-year increase of 88.36%[49] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q1 2024[112] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q2 2024[115] - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion CNY in Q3 2024[119] User Growth and Market Expansion - The company reported a significant increase in user data, with a year-over-year growth of 15% in customer accounts[12] - The company has expanded its user base, now serving over 5 million customers, which is an increase of 20% compared to the previous year[110] - User data showed a growth of 20% in active users, reaching 5 million by the end of Q1 2024[112] - User data showed a growth of 20% in active users, totaling 5 million by the end of Q2 2024[115] - User data showed an increase in active users by 10%, totaling 5 million users[118] - Market expansion efforts include entering two new provinces, aiming for a 20% increase in market share by the end of the next fiscal year[12] - Market expansion plans include entering two new provinces, projected to increase market share by 5%[112] - Future development will include expanding into new markets, particularly in Xinjiang and Shaanxi, through strategic project development and partnerships[106] Research and Development - The company is investing in new technology development, with a budget allocation of 500 million CNY for R&D in renewable energy solutions[12] - The company is investing heavily in R&D, allocating 1 billion CNY towards the development of new technologies and sustainable energy solutions[110] - Research and development expenses totaled ¥182,166,327.43, a decrease of 7.37% compared to ¥196,666,001.55 in 2023[72] - The company has allocated 200 million CNY for R&D in renewable energy technologies for the fiscal year 2024[113] - The company is investing 100 million CNY in R&D for new technologies aimed at enhancing operational efficiency[115] - Research and development expenses increased by 18%, totaling 150 million CNY, focusing on renewable energy technologies[120] Strategic Acquisitions - The company plans to pursue strategic acquisitions, targeting at least one acquisition in the renewable energy sector within the next 12 months[12] - The company has completed two strategic acquisitions in the renewable energy sector, enhancing its market position and operational capabilities[110] - The company is exploring potential acquisitions to enhance its service offerings, with a budget of 300 million CNY allocated for potential deals[112] - The company is exploring potential acquisitions to enhance its service offerings and market share[113] - The company completed a strategic acquisition of a local competitor, enhancing its operational capacity by 40%[121] Sustainability and Environmental Efforts - The company has set a target to reduce carbon emissions by 25% over the next five years as part of its sustainability strategy[12] - The management team has emphasized a commitment to sustainability, aiming for a 20% reduction in carbon emissions by 2025[148] - The company is committed to enhancing safety production measures and risk management protocols to ensure operational stability[102] - The company is focused on enhancing its environmental protection efforts in line with national policies aimed at optimizing the coal power industry[182] - The company has committed to implementing measures to prevent future emissions exceeding standards, aiming for zero excess emissions by 2025[190] Operational Efficiency - The company reported an operating profit margin of 12%, reflecting improved operational efficiency compared to the previous year[12] - The company aims to enhance operational efficiency and reduce unit power generation costs through digital transformation and improved management practices[104] - The company has implemented cost-cutting measures that are expected to reduce operational expenses by 8% in the upcoming fiscal year[110] - The company aims to reduce operational costs by 15% through improved efficiency measures by the end of 2024[113] - The company is investing in new technologies to improve operational efficiency and reduce costs by 10%[150] Governance and Management - The company has a clear and independent governance structure, ensuring compliance with legal and regulatory requirements[127] - The company has established a comprehensive risk management system to enhance its core competitiveness and profitability[125] - The company has maintained a stable management structure with no shareholding changes among directors and senior management during the reporting period[137] - The company is currently in the process of electing new independent directors and management personnel to fill the vacancies created by recent departures[138] - The company’s governance structure remains intact, ensuring compliance with regulatory requirements despite recent changes in personnel[138] Challenges and Market Conditions - The company faces challenges from fluctuating electricity demand, which directly impacts revenue and profitability[98] - The reliance on traditional coal-fired power generation poses transformation pressures under the "dual carbon" policy, despite recent coal price declines[98] - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on companies in the renewable energy sector[118] Employee Management - The total number of employees at the end of the reporting period was 4,983, with 2,777 in production, 1,192 in technical roles, and 105 in sales[167] - The company has established a comprehensive employee training mechanism to select and cultivate talent[169] - The company reported no retired employees requiring financial support, indicating a focus on current workforce management[167] - The company has a total of 174 employees with a postgraduate degree or higher, and 2,508 with a bachelor's degree[167] Environmental Compliance - The company operates in compliance with multiple environmental protection laws and standards, including the Environmental Protection Law and the Air Pollution Prevention and Control Law of the People's Republic of China[182] - The company has obtained nationwide pollutant discharge permits for its power generation enterprises, ensuring adherence to environmental regulations[182] - The company has established a framework for regular environmental assessments and compliance checks across its subsidiaries[182] - The company has actively engaged in rural revitalization efforts, conducting five consumption assistance activities with a total expenditure of ¥50,000[193]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

电力及公用事业行业周报(25WK16) 25Q1 绿证核发量激增，3 月用电量同比+4.8% 2025 年 04 月 20 日 ➢ 本周（20250414-20250418）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 04 月 18 日，本周公用事业板块收于 2318.99 点，上涨 40.42 点， 涨幅 1.77%；电力子板块收于 3,099.51 点，上涨 54.97 点，涨幅 1.81%，高于 沪深 300 本周涨幅。公用事业（电力）板块涨幅在申万 31 个一级板块中排第 7 位。从电力子板块来看：火电板块表现最优，火力发电上涨 2.99%，水力发电上 涨 1.33%，光伏发电下跌 0.17%，风力发电下跌 0.06%。 ➢ 本周专题：2025Q1 国家能源局核发绿证 6.62 亿个。截至 2025 年 3 月底， 累计核发绿证 56.17 亿个。其中，华北区域跨区跨省绿电交易电量达 295.1 亿千 瓦时，同比增长 73%；华东区域跨区跨省绿电交易电量达 38.55 亿千瓦时，同比 增长 67.83%。25Q1 南方区域绿证绿电平台交易规模达 1289 亿千瓦时，绿证 需求激增。2 ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Group 1 - The core index of the CSI 1000 Public Utilities Index closed at 3151.51 points, with mixed performance among the three major A-share indices [1] - The CSI 1000 Public Utilities Index has decreased by 0.62% over the past month, increased by 3.49% over the past three months, and has declined by 3.66% year-to-date [2] - The index is composed of liquid and representative securities from various industries, providing diverse investment options for investors [2] Group 2 - The top ten weighted stocks in the CSI 1000 Public Utilities Index include Jilin Electric Power (6.89%), Jinkai New Energy (5.33%), and Linyang Energy (5.24%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (55.26%) and the Shenzhen Stock Exchange (44.74%) [2] - The industry composition of the index shows that electricity and grid account for 72.26%, gas for 15.98%, water services for 10.17%, and heating and others for 1.59% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes mergers, acquisitions, or splits [3] - Changes in the industry classification of sample stocks will also lead to corresponding adjustments in the CSI 1000 industry index [3]

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].

新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 上次评级 - [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010 ...

盈利预测与投资评级：作为安徽省属国资旗下的核心电力龙头，皖能受益于安徽省良好的电力供需格 局，近年新投建的新疆机组盈利可观，同时大比例参股优质的煤电一体化及抽蓄资产，投资收益未来保 持稳健增长。我们预测公司2024-2026 年归母净利润分别为20.67/22.28/23.80 亿元，EPS 分别为 0.91/0.98/1.05 元，对应3 月31 日收盘价的PE 分别为8.18/7.59/7.11倍，首次覆盖给予"买入"评级。 安徽国资旗下核心电力平台，控参股优质火电资产。皖能电力是安徽省能源集团旗下唯一发电资产主业 的核心上市平台，旗下装机以火电为主。截至2024 年底，公司在运控股装机体量为1368.70 万千瓦（对 应权益量780.55万千瓦），参股在运装机1702 万千瓦（对应权益量720.86 万千瓦）；在建项目方面，公 司控股在建装机210 万千瓦（对应权益量147 万千瓦），主要参股在建项目包括596 万千瓦火电（对应 权益量190 万千瓦）以及3座抽水蓄能电站（装机容量368 万千瓦，公司对应权益量67 万千瓦）。 风险因素：煤电利用小时数大幅下滑及电价大幅下降的风险；在建及规划项目进展不及 ...

新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc ...

Group 1 - The pumped storage concept saw an increase of 1.95% on April 1, with a net inflow of 49.66 million yuan from main funds, where 29 stocks rose and 2 fell [1] - The top stocks by net inflow were Guoji Heavy Industry (601399) with 37.82 million yuan, Waneng Electric Power (000543) with 33.32 million yuan, and Three Gorges Energy (600905) with 25.87 million yuan [1] Group 2 - The top performing stocks in the pumped storage sector included: - Guoji Heavy Industry (601399) with a latest price of 3.17 yuan and a rise of 3.26%, net inflow of 37.82 million yuan, accounting for 6.02% of the main fund [2] - Waneng Electric Power (000543) with a latest price of 7.74 yuan and a rise of 3.75%, net inflow of 33.32 million yuan, accounting for 6.83% of the main fund [2] - Three Gorges Energy (600905) with a latest price of 4.30 yuan and a rise of 1.65%, net inflow of 25.87 million yuan, accounting for 3.87% of the main fund [2]